Russell Investments Group Ltd. Acquires 14,910 Shares of CONMED Corporation $CNMD

Key Points

• Russell Investments Group Ltd. increased its stake in CONMED Corporation by 85.1% in Q1, owning approximately $1.96 million worth of the company's stock.
• CONMED's latest earnings report showed a profit of $1.15 per share, exceeding analyst estimates, with a 3.1% year-over-year revenue increase.
• The company announced a quarterly dividend of $0.20 per share, resulting in an annualized dividend yield of 1.5%.

Russell Investments Group Ltd. increased its holdings in shares of CONMED Corporation (NYSE:CNMD - Free Report) by 85.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,427 shares of the company's stock after buying an additional 14,910 shares during the period. Russell Investments Group Ltd. owned 0.10% of CONMED worth $1,958,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Picton Mahoney Asset Management acquired a new stake in CONMED during the 1st quarter worth approximately $33,000. GAMMA Investing LLC lifted its stake in CONMED by 81.4% in the first quarter. GAMMA Investing LLC now owns 1,317 shares of the company's stock valued at $80,000 after acquiring an additional 591 shares during the last quarter. Aquatic Capital Management LLC acquired a new position in shares of CONMED during the 4th quarter worth approximately $82,000. Cetera Investment Advisers acquired a new stake in shares of CONMED during the 1st quarter worth about $202,000. Finally, Quantinno Capital Management LP acquired a new stake in CONMED during the 4th quarter worth approximately $222,000.

CONMED Stock Performance

Shares of NYSE:CNMD traded up $0.61 during mid-day trading on Monday, reaching $54.34. The company had a trading volume of 228,637 shares, compared to its average volume of 457,504. The company's 50-day moving average price is $52.27 and its 200-day moving average price is $55.26. CONMED Corporation has a one year low of $46.00 and a one year high of $78.19. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 15.39, a PEG ratio of 1.85 and a beta of 1.18. The company has a current ratio of 2.23, a quick ratio of 1.00 and a debt-to-equity ratio of 0.88.

CONMED (NYSE:CNMD - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.13 by $0.02. The firm had revenue of $342.35 million for the quarter, compared to the consensus estimate of $338.42 million. CONMED had a net margin of 8.31% and a return on equity of 14.43%. The company's revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.98 earnings per share. CONMED has set its FY 2025 guidance at 4.400-4.550 EPS. As a group, equities research analysts anticipate that CONMED Corporation will post 4.35 EPS for the current fiscal year.

CONMED Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 3rd. Stockholders of record on Monday, September 15th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.5%. CONMED's dividend payout ratio is currently 22.66%.

Analyst Ratings Changes

A number of brokerages have issued reports on CNMD. Needham & Company LLC downgraded shares of CONMED from a "buy" rating to a "hold" rating and set a $61.00 price objective on the stock. in a research note on Thursday, June 12th. Piper Sandler decreased their price target on shares of CONMED from $80.00 to $68.00 and set an "overweight" rating for the company in a research report on Thursday, July 31st. Finally, Wall Street Zen lowered shares of CONMED from a "buy" rating to a "hold" rating in a report on Tuesday, May 6th. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $59.80.

About CONMED

CONMED Corporation, a medical technology company, develops, manufactures, and sells surgical devices and related equipment for surgical procedures worldwide. The company offers orthopedic surgery products, including BioBrace, TruShot with Y-Knot All-In-One Soft Tissue Fixation System, Y-knot All-Suture Anchors, and Agro Knotless Suture Anchors, which provide clinical solutions to orthopedic surgeons for the augmentation and repair of soft tissue injuries, as well as provides supporting products that enable surgeons to perform minimally invasive sports medicine surgeries.